Gold and silver have been smashed below support at $1250 and $19 this morning on a classic post-FOMC day raid.
Gold has been smashed $30 to $1237, and silver is down nearly $1 from Wednesday’s trading with a low of $18.93 before bouncing back above $19.
Gold smashed back under $1250:
It appears that the cartel is unable to hold silver below $19 as the metal quickly bounced back to $19.20:
If previous FOMC take-downs are any indication, gold & silver will bottom Thursday morning, and recover throughout the afternoon and throughout the day Friday.
While support at $1250 and $19 have been breached, both gold and silver are still well off their correction lows of $1178 and $18.
We suspect this morning may prove one of the best entry points for physical gold and silver in the near future.